Stock Opened Lower after Record Jobless Claims Data

U.S. stocks opened lower on Thursday, after the U.S. Labor Department’s report on weekly unemployment insurance claims far exceeded expectations.The Dow Jones Industrial Average lately fell 188.01 points, or 0.90%, to 20,755.50. The S&P 500 lost 12.69 points, or 0.51%, to 2,457.81. The Nasdaq Composite retreated 48.74 points, or 0.66%, to 7,311.84.

Crude futures surged on Thursday, after President Donald Trump expressed optimism that a damaging price war between Saudi Arabia and Russia can be resolved and after a report China is building its stockpiles. West Texas Intermediate crude for May delivery surged nearly $2, or 9.6%, to $22.80 a barrel. June Brent crude climbed $2.57, or 10%, to $27.30 a barrel.

New jobless claims doubled to a 6.648 million for the week ended March 28 as an increasing number of businesses shut down operations amid the coronavirus and put employees out of work.